Iron ore extends

Iron ore prices have continued to decline, marking a significant drop amid concerns over weak steel demand in China, the largest consumer. Recent data indicates that steel production has fallen, with many steel mills operating at a loss, prompting equipment maintenance among 79 steelmakers. The Dalian Commodity Exchange reported a decrease in iron ore futures, which have dropped over 30% this year, reflecting the ongoing property crisis and economic slowdown in China. Additionally, record shipments from Australia and Brazil have contributed to fears of a supply glut. Analysts suggest that the combination of slowing construction activity and increasing inventories will keep pressure on iron ore prices. Overall, the market sentiment has shifted towards pessimism regarding future demand recovery.